In honor of the latest such eerily accurate forecast, and since tomorrow is Halloween, we’ll take a fresh look at whether something wicked this way comes.
And, since many investors are very nervous at the moment, we’re offering a wicked smaht membership promotion. Through Nov 3, we’ll knock $60 off the initial month of a monthly subscription and $100 off the initial quarter of a quarterly subscription. To sign up, CLICK HERE.
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Back on Oct 12 [see: A Cure?] as the market’s daily meltups inspired the tongue-in-cheek observation that central bankers might have found a cure for market corrections, we noted that the latest rally might have finally run its course:
ES just reached its .886 retracement, meaning we are very likely to see a reversal here. My favorite target remains the yellow channel midline, currently at 3218ish.
This morning, ES backtested that yellow channel midline (now at 3226) for a garden variety 8.9% correction. [Note: we adjusted the price target to 3225 and the timing to Oct 30 the next day.]While the charts have been good to us, the question remains: is a garden variety correction all we’ll get, or is something more wicked coming our way?
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